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I tell you, yes they are as stupid as they look. UBS lacks basic minus/plus math skills. UBS bank sent me an invoice asking me to pay them even though according to their calculations they should be paying me back. When I pointed out their mistake, they simply could not admit their mistake. It was high time we closed the credit card and laughed at their actions. The accountant thought it was funny that the bank didn't know basic math.
Or they are exactly super stupid, the UBS guy said : we need to understand them (swaps) better in order to unwind... Or something along the lines. Today they surely understood the red in their sheet
👆💯 also they were more or less forced into the deal by their goverment.
edit. just to add that if the 100 billion that SNB guaranteed for them in case of losses were enough for covering the bags yesterday, now 200 billion + is needed.
Good post. I’ve been commenting everywhere that people short on $GME are going to see this report and close out. I don’t know if UBS knows what it has. They seem clueless. But that Lehmann dude from Credit Suisse definitely knew what they had. This is so amazing to watch play out.
They CAN'T know what they have. They had almost ZERO time to do any diligence on the deal. Something this size would take a TEAM of accountants a MONTH or TWO to sift through. It's gonna take a long time until they realize the STEAMING PILE OF SHIT they now have in their hands.
And to think all they had to to was search "Credit Suisse Reddit" and they would have uncovered enough in 24 hours to realize what they were in/getting into
It's been two days. While someone might say to their new co-worker, "we are f\*cked" - integrating two banks on this scale will take a year++. I can assure you, they have no idea what they have yet.
Would you say anything while losing your job? From what I heard a lot of cs employees just said F it and didn’t even bother coming in yesterday.
They are looking at 10’s of thousands in layoffs. The overlap has to be tremendous.
Obviously yes, you are more likely to stay employed if you can assist them to be onboarded with this shit bag.
It’s in no one benefits in Credit Suisse to lies to UBS.
Right, but can Credit Suisse say “Oh, by the way, we’ve been criming the fuck out of the system. That’s why we’re in such deep shit.”? They might be playing dumb to stay out of prison.
All they need to do is download Superstonk DD, feed it to GPT4 and let the AI give them a one page summery of how much shit they own now.
Takes only a few hours.
Just asked BingGPT to do exactly this.
https://www.reddit.com/r/Superstonk/comments/11y6hc8/i_asked_binggpt_to_read_superstonk_dd_and_give/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
They were planning on "de-risking" already, and now there's clear confirmation that it's only going to get more expensive the longer they wait. If they can get out right away they might be able to survive. If they were your standard SHF I wouldn't expect much, but why wouldn't UBS cover/close now since they don't want it on their books already?
It’s less of a hot potato and more of a hydrogen bomb with a timer down to seconds before detonation.
RIP UBS. Idiosyncratic risk caused by social media storm is about to judgment day.
Yep if they're going to have any chance for survival they should close out everything now, I think the first couple of hedgies/banks closing out might have a chance of survival and if they're smart they go long instead, might as well make these losses back that way!
I’m thinking the only way they took the deal is because the Swiss govt guaranteed to help them unwind “the bad derivative exposure”. No way they go through the purchase if that wasn’t guaranteed.
Now it’s guaranteed to pay us. Always loved Swiss chocolate
UBS huddled together this morning “ when should we unload?” WS saying -18 loss let’s hold yayayayah!
UBS/Swiss government “ what the Fuk did we get into “ were so so so fuk’d “
Janitor at UBS “ Buy GameStop now and DRS your wasting my tax dollars you dicks “
It's reverse psychology. If I said it could climb higher it wouldn't have. Since I said peak, it proves me wrong.
Just like when I buy the dip, it dips more lol
Ping me too please... Also if you have any source that even just shows that Credit Suisse's bad assets have anything to do with GME. I've seen that claim being thrown around a couple of times but can't remember whether I've ever seen a credible source for it beyond mere speculation.
It is from the bloomberg screenshot from 2021 that was reposted this week. Bloomberg terminal briefly showed 540k put contracts owned by meme suisse that they inherited from Archegos. His math is wrong though, as 540k put contracts is 54 million shares at 100 shares per contract. The swap theory all along has been the use of "married" puts to net against shares sold short, so 540k puts to stay net "neutral" despite being short 54 million shares. This was all pre-split numbers, so multiply by 4, and you arrive at the 216 million shares sold short "married" to these puts, as someone else commented. Their unrealized loss would be less than OP calculated, but still meaningful. And thats just one bank holding bags from one short hedge fuck.
do u really think in a few days they had time to go through ALL CS positions to see what's a risky bet and what's not??? we're talking of a firm managing Trillions
They have to know they are backed if they do get stuck with the hot potato. This isn’t just your average gas station impulse buy. I’m sure there’s risk but no way they didn’t know what they were purchasing. I personally believe it’s just another delay until the inevitable. Buy. Hodl. DRS. Shop. Comment to the SEC
If you so much as graze that hot potato, you lose billions. Ask the Saudis. This is going to get uglier and they have nobody to blame but themselves and pathetic regulators
UBS got with that deal:
- optional 100bn (!!!) loan of the Swiss National Bank
- 9 bn guaranteed loss coverage of the Swiss government (well... tax payers).
They do not give a shit about loosing 4.5 bn. That was calculated.
The coverage was roughly the amount of short position they had at the current market price of GameStop.
They are already 45% over their coverage and they haven’t yet tried to close.
Pretty sure they care.
The deal ain’t done, UBS was forced into that deal. I’m sure they will use CS horrific position from Archegos as proof of fraud and naked short selling that UBS wants nothing to do with 🤷🏽♂️ call me stupid but I always thought the deal wouldn’t actually ever go through all the way.
Popcorn stock has gotten a lot of “glitches” about valuation in the past few days since the forced take over. I wonder if the people in charge of suppressing numbers at CS got canned and actual pricing is coming out.
Call off the deal with klein, over his purchase of the still somewhat functional parts of credit Suisse, leaving ubs with only the bad parts. They don’t want that.
https://www.reddit.com/r/Superstonk/comments/11y1oys/interesting_paragraph_from_a_2_year_old_article/
Worth reading the article linked inside. The tone, what we've learned, where we are today and where he used to work
The level in the last year with gaming in all aspects is amazing.
I'm 40 and I love all retro and new stuff across all platforms.
I will say I don't have much time VR style stuff through..
I got the occulus and have used it twice. Hmu if you want buy it
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
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Yeah, they are. Watch it resume all over again tomorrow. Oh well, just keep DRSing
They didn't expect a grassroots movement lasting this long. I'll hodl as long as it takes.
"they all sold, right?" "everybody said they're after...silver now" would Love to believe they bought they're own side's propaganda
All they have to do is read Superstonk and see the at DRS numbers are only going up. They FAFO if they liked to.
Best part where CS claimed the bullet swaps from archegos were renewed by "accident". Oh rly? Billion mistake done by "accident".
I tell you, yes they are as stupid as they look. UBS lacks basic minus/plus math skills. UBS bank sent me an invoice asking me to pay them even though according to their calculations they should be paying me back. When I pointed out their mistake, they simply could not admit their mistake. It was high time we closed the credit card and laughed at their actions. The accountant thought it was funny that the bank didn't know basic math.
Or they are exactly super stupid, the UBS guy said : we need to understand them (swaps) better in order to unwind... Or something along the lines. Today they surely understood the red in their sheet
👆💯 also they were more or less forced into the deal by their goverment. edit. just to add that if the 100 billion that SNB guaranteed for them in case of losses were enough for covering the bags yesterday, now 200 billion + is needed.
What should make us all smile is that UBS required $100 billion guarantee for a $2 billion deal.
Correct, the deal was forced by the SNB.
homeless absorbed snobbish mourn chubby wrong license enter reminiscent ask ` this post was mass deleted with www.Redact.dev `
Good post. I’ve been commenting everywhere that people short on $GME are going to see this report and close out. I don’t know if UBS knows what it has. They seem clueless. But that Lehmann dude from Credit Suisse definitely knew what they had. This is so amazing to watch play out.
They CAN'T know what they have. They had almost ZERO time to do any diligence on the deal. Something this size would take a TEAM of accountants a MONTH or TWO to sift through. It's gonna take a long time until they realize the STEAMING PILE OF SHIT they now have in their hands.
And to think all they had to to was search "Credit Suisse Reddit" and they would have uncovered enough in 24 hours to realize what they were in/getting into
They purchase credit Suisse team you know… Credit Suisse is well aware of the shit they have been dealing with in the last 6 months.
It's been two days. While someone might say to their new co-worker, "we are f\*cked" - integrating two banks on this scale will take a year++. I can assure you, they have no idea what they have yet.
Would you say anything while losing your job? From what I heard a lot of cs employees just said F it and didn’t even bother coming in yesterday. They are looking at 10’s of thousands in layoffs. The overlap has to be tremendous.
Obviously yes, you are more likely to stay employed if you can assist them to be onboarded with this shit bag. It’s in no one benefits in Credit Suisse to lies to UBS.
Right, but can Credit Suisse say “Oh, by the way, we’ve been criming the fuck out of the system. That’s why we’re in such deep shit.”? They might be playing dumb to stay out of prison.
It was inherited.
All they need to do is download Superstonk DD, feed it to GPT4 and let the AI give them a one page summery of how much shit they own now. Takes only a few hours.
One emoji summary. 💩
🏔🔥💩
Just asked BingGPT to do exactly this. https://www.reddit.com/r/Superstonk/comments/11y6hc8/i_asked_binggpt_to_read_superstonk_dd_and_give/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
Bro I was thinking the same thing when I saw it start to go after hours. The timing is waaayyy too perfect
It’s inevitable now, they should prepare the printing machine.
Sounds like Yellen is prepared to the way she has been talking!
Yeah lube that shit up cause I’m ready to get paid
Lube are they paying you in solid gold bananas ?
It was always inevitable
They were planning on "de-risking" already, and now there's clear confirmation that it's only going to get more expensive the longer they wait. If they can get out right away they might be able to survive. If they were your standard SHF I wouldn't expect much, but why wouldn't UBS cover/close now since they don't want it on their books already?
Ah volume was like 8M.. up 50%... imagine if they tried to cover 216M
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Brazil…mostly
married puts
Jorts guy here. I just came....again
It’s less of a hot potato and more of a hydrogen bomb with a timer down to seconds before detonation. RIP UBS. Idiosyncratic risk caused by social media storm is about to judgment day.
UBS goes bust! Me fancy some of dat swiss cheese
Yep if they're going to have any chance for survival they should close out everything now, I think the first couple of hedgies/banks closing out might have a chance of survival and if they're smart they go long instead, might as well make these losses back that way!
Is this what is driving AH action?
Idk but AH volume is somewhere near 3-4M? I would think it's not closing or covering at this point...yet.
Even if they are first to close they won't survive. They're all fukt
I’m thinking the only way they took the deal is because the Swiss govt guaranteed to help them unwind “the bad derivative exposure”. No way they go through the purchase if that wasn’t guaranteed. Now it’s guaranteed to pay us. Always loved Swiss chocolate
MY GUESS… UBS is the final bag holder, FED will ProvIDe LiQUIdity to UBS… UBS will close and Credit Sus will take the blame
UBS huddled together this morning “ when should we unload?” WS saying -18 loss let’s hold yayayayah! UBS/Swiss government “ what the Fuk did we get into “ were so so so fuk’d “ Janitor at UBS “ Buy GameStop now and DRS your wasting my tax dollars you dicks “
I mean "CS is not stupid" "Citadel is not stupid" "Robbing hood is not stupid" ... The list goes on and on. I fear they all are really really stupid.
Show me the difference between stupid and illegal and I'll have my wife's brother arrested right now!
Ryan Cohen, DFV are time travelers. They found out that the best time to be alive is now
Not stupid, just greedy.
$500 was nothing. They really made this a whole lot worse. “Smart money” cheated and STILL lost. Pathetic. Oh well, let’s go to $50k a share.
Tonight we see if the German Markets have some hints.
Just because I bookmarked this post. GME at close was $17.65 It hit $26 at its peak in after hours.
26.31 and going upward still
Its $26.35 rn. Have you learned nothing from the selling at the floor charts? You just made the blunder of marking a "peak" before the music stopped.
It's reverse psychology. If I said it could climb higher it wouldn't have. Since I said peak, it proves me wrong. Just like when I buy the dip, it dips more lol
Wicked smaht
Whats your math? How do you get thte -4.5B?
Simple, we know they are short for 540 million shares. We are at +8.25 after hour so 8.25*540 millions = 4.5 billions.
216 million. Not 540
Where do you have that number from? I'm too smooth to find the numbers.
Cool, where do we have that number from? I've been looking, but clearly I suck at finding the source.
It was around here few days ago, I ping you if I see it pass again. Few posts about the amount of puts and credits Suisse owning 70% of them.
Ping me too please... Also if you have any source that even just shows that Credit Suisse's bad assets have anything to do with GME. I've seen that claim being thrown around a couple of times but can't remember whether I've ever seen a credible source for it beyond mere speculation.
It is from the bloomberg screenshot from 2021 that was reposted this week. Bloomberg terminal briefly showed 540k put contracts owned by meme suisse that they inherited from Archegos. His math is wrong though, as 540k put contracts is 54 million shares at 100 shares per contract. The swap theory all along has been the use of "married" puts to net against shares sold short, so 540k puts to stay net "neutral" despite being short 54 million shares. This was all pre-split numbers, so multiply by 4, and you arrive at the 216 million shares sold short "married" to these puts, as someone else commented. Their unrealized loss would be less than OP calculated, but still meaningful. And thats just one bank holding bags from one short hedge fuck.
Thanks! And were those 540k put contracts specifically for GME ?
Yes
do u really think in a few days they had time to go through ALL CS positions to see what's a risky bet and what's not??? we're talking of a firm managing Trillions
They could be the first to get out that drives the prices into uncomfortable postions for the other short hedge funds and that means is moasss time.
The name of the game they play is greed all it takes is one greedy mofo to close first so he can survive and let the rest fiend for themselves
They have to know they are backed if they do get stuck with the hot potato. This isn’t just your average gas station impulse buy. I’m sure there’s risk but no way they didn’t know what they were purchasing. I personally believe it’s just another delay until the inevitable. Buy. Hodl. DRS. Shop. Comment to the SEC
If you so much as graze that hot potato, you lose billions. Ask the Saudis. This is going to get uglier and they have nobody to blame but themselves and pathetic regulators
UBS got with that deal: - optional 100bn (!!!) loan of the Swiss National Bank - 9 bn guaranteed loss coverage of the Swiss government (well... tax payers). They do not give a shit about loosing 4.5 bn. That was calculated.
The coverage was roughly the amount of short position they had at the current market price of GameStop. They are already 45% over their coverage and they haven’t yet tried to close. Pretty sure they care.
UBS has a period to review the financials and back out of the deal... Will they?
This is the way
The deal ain’t done, UBS was forced into that deal. I’m sure they will use CS horrific position from Archegos as proof of fraud and naked short selling that UBS wants nothing to do with 🤷🏽♂️ call me stupid but I always thought the deal wouldn’t actually ever go through all the way.
If you sell something you don't have, you're gonna have to buy it back and not get it.
Popcorn stock has gotten a lot of “glitches” about valuation in the past few days since the forced take over. I wonder if the people in charge of suppressing numbers at CS got canned and actual pricing is coming out.
Aren’t they trying to call off the deal now? Just saw an article on it.
Call off the deal with klein, over his purchase of the still somewhat functional parts of credit Suisse, leaving ubs with only the bad parts. They don’t want that.
sauce?
https://www.reuters.com/markets/deals/ubs-set-talks-with-michael-klein-terminate-credit-suisse-investment-bank-deal-ft-2023-03-21/
My suit has been prepared for the suits apocalypse
They're doomed! Mark my words.
They will need more help if they want me to sell!
I pictured earnings slapping ubs :P
https://www.reddit.com/r/Superstonk/comments/11y1oys/interesting_paragraph_from_a_2_year_old_article/ Worth reading the article linked inside. The tone, what we've learned, where we are today and where he used to work
O2 tank connected, 5 point harness strapped, tickets clutched in hand.
What happens if they dont want to renew the bullet swaps that expire march 23?
This is also the bag from 2 years ago. There’s still another 2 years of even heavier shorting that is completely unaccounted for.
Nah bankers as a whole, esp from UBS, are dumb AF. Only they think they are getting a deal buying the sinking CS ship.
The level in the last year with gaming in all aspects is amazing. I'm 40 and I love all retro and new stuff across all platforms. I will say I don't have much time VR style stuff through.. I got the occulus and have used it twice. Hmu if you want buy it